Business Education

I Have New Competition that’s Eating into My Sales, What can I Do

New competition can unnerve even the most seasoned business owners. After all, it’s new (meaning it brings a new presence, new energy, and a new atmosphere). Even if it offers something that’s already long-available — such as retail goods — it just seems like it’s got an immediate edge. So, people give it a try.

When it appears it’s starting to take away sales, that can be cause for concern. But, it doesn’t mean the end of your business whatsoever. Read on to learn more about how to deal with new competition.

New Competition Means New Opportunity

New competition might well be frightening. It’s scary to think of someone else coming into the area to poach customers. And, if it starts to occur, that’s downright troublesome. However, it also means there’s new opportunity.

…if you don’t have a strategy to beat the competition, you probably shouldn’t be in the business in the first place. But how can your business out-compete competition when the business world is such a tough place to survive? Much of it is about understanding the competitive threats and overcoming them.
—Cleverism

It’s important to remember that opportunity comes in many forms. Although this is one that is unexpected and probably unwelcome, it nonetheless remains an opportunity for your business. If you think about it in terms of opportunity rather than crisis, you will make far better decisions than you would otherwise. This means adopting a positive mindset that allows you to see and act clearly.

3 Practical Steps for Deal with New Competition

A new business has opened in your market and you’re worried that it will or is taking sales away from your company. It’s an unsettling experience to say the least, but you can take three strategic steps to effectively deal with the situation:

Don’t panic. It’s imperative to put things into perspective right away. Remember, your business is already established and the competition is new to the area. This means they have to make inroads where you’ve already been successful. Additionally, there is no cause for concern when you have an existing loyal customer base.
Do some research. Take a little time to do some research. You can always visit the business yourself (online and in-person) to see what’s going on first-hand. Additionally, you can ask people who’ve patronized the company about their experiences. Between your own observations, and soliciting feedback from others, you’ll get a complete picture.
Take appropriate action. Now, you can use that information along with anything else you gathered about your competition, to create a plan of action. Since you already know the local market, including demographics, your target customers, the overall niche, as well as other relevant factors, you still retain the advantage. Leverage this to retain your current customer base and to position your business as the established, trusted choice.

What other suggestions do you have? Please share your thoughts and experiences by commenting!

Interested in learning more about business? Then just visit Waters Business Consulting Group.

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Stuck on a Business Name? Here’s the Secret to Unlocking the Right One

May 28, 2025 No Comments

Choosing the perfect business name can feel like an impossible puzzle—one that holds the key to your brand’s identity, credibility, and first impression.

Common Franchise Pros and Cons

August 5, 2018 No Comments

Franchises are a great way to get into business. But, these models aren’t for everyone. There certainly are pros and cons to the systems, regardless of industry. However, it’s an effective way to start a company and it’s a quite popular method. For instance, there are approximately 400,000 franchises in the United States alone, according to the International Franchise Association. These employee nearly 10 million people and range across 75 different industries. But, is it for you? Most Common Franchise Downsides Okay, let’s begin with downsides of owning a franchise. Perhaps the largest can easily be capital expenditure or start-up costs. Some are quite large but others are relatively inexpensive. Along the same lines are the fees. You’ll pay for marketing materials, royalty payments, and more. Speaking of costs, you might be subject to sole vendor sourcing. Meaning you must purchase certain materials and supplies from approved vendors. If buying an existing business doesn’t sound right for you but starting from scratch sounds a bit intimidating, you could be suited for franchise ownership. New franchisees can avoid a lot of the mistakes startup entrepreneurs typically make because the franchisor has already perfected daily operations through trial and error. —Entrepreneur.com You must also comply with the proprietary standards, set by the franchisor. Now, you might have some flexibility with said standards, but it’s usually limited. Additionally, you could also be locked into a contract. Then, there’s the ongoing success of the franchisor. In other words, the “parent company” must continue its track record. And then, there’s always risk involved with any endeavor. Biggest Franchise Advantages Of course, franchises have plenty of upsides. If they didn’t, there’s no way these models would routinely demonstrate such high levels of success. People simply wouldn’t waste any time (or money) and the entire notion would eventually disappear. But, franchises do largely succeed. So, here are the biggest franchise advantages: It’s an already established brand. Here’s what attracts so many entrepreneurs to buying franchises — it’s a known quantity. Consumers are already familiar with the brand and its products and/or services. Which means you don’t have the burden of establishing it from scratch. Marketing and operation support. Another big benefit is that you’re not out on your own. You receive marketing and operational support from the franchisor, which is a huge plus. Proven system of employee training. Along the same line is there’s already a working system in-place for employee training. You don’t need to work your way through trial and error to refine a workable training system. Access to proprietary operating methods. Speaking of an in-place system, you also don’t have to try to peel back the veil to learn how the system works. You’ll get all the information you need to open and run the business with actionable guidelines. What other franchise pros and cons would you add to the list? What are your thoughts about buying a franchise? Please comment and share your ideas! Interested in learning more about business? Then just visit Waters Business Consulting Group.

How to Best Help Your Remote Workers Avoid Burnout

January 27, 2021 No Comments

Employee burnout. It’s a real problem, even when team members are working from home. (In fact, the issue can easily be exacerbated because there’s more pressure to perform amidst an atmosphere that’s not necessarily conducive to working and is also filled with distractions.) Just because people are working in a comfortable, familiar environment doesn’t mean they don’t still feel a sense of duty, responsibility, and pride. Ultimately, it’s these emotions which can undermine them and lead to employee burnout. So, read on to learn how to deal with these situations. Common Signs of Employee Burnout The most common signs of employee burnout are behaviors like disengagement, absenteeism, and lack of motivation and productivity. During virtual meetings and phone conferences, anyone who is suffering from burnout won’t be as engaged, will skip more and more meetings, and their attitude won’t reflect being motivated and/or productive. During any time of high unemployment, people are often afraid to take vacation, request work flexibility, or advocate for their work-life balance, mental health, and overall wellness–unless the company culture encourages them to. But with the added emergency-paradigm shift to remote work, which most workers and leaders alike have never experienced before, the challenges of how to communicate and find solutions to promote mental well-being are even more daunting. —Inc.com But, those aren’t the only signs of employee burnout. There’s also irritability, job dissatisfaction, and lack of achievement. People who are feeling burned out will probably be irritable, express to fellow team members their dissatisfaction, and will also tell others they don’t feel like they are achieving anything of value. 3 Effective Ways to Help Remote Workers Avoid Burnout Thankfully, there are ways to help remote workers avoid burnout. And, it won’t upend your operation or even cost very much. All you need to do is give them encouragement, let them have a good amount of autonomy, and say “Thank you,” in different ways. Here are some of the best ways to help your remote employees avoid work burnout: Acknowledge hard work. Just because someone isn’t in the office or on the job in a specific location doesn’t mean they aren’t giving it their all. As mentioned above, it can be very challenging to work from home precisely because it’s not equipped the same way as the workplace, and they must deal with all kinds of distractions. That means you should take the time to acknowledge their hard work. Focus on results, not hours. Sure, time spent on productivity is important. But, it’s certainly not more important than the end result. Instead of putting emphasis on the hours they spend “on the clock,” put your focus on outcomes — these are a far better measure of their efforts. Offer welcome and helpful perks. It’s also very helpful to give your employees some tools to reduce stress and access to positive experiences. Things like gym memberships, paid time off, and other perks can work wonders and bring a real strong return on investment. What other suggestions do you have? Please feel free to share your thoughts and experiences to help others. Your unique perspective and input could be of great benefit! Interested in learning more about business? Then just visit Waters Business Consulting Group.